Bitcoin SV Price Breaks Down Support Level at $217, Targeting $179

 Bitcoin SV Price Analysis – August 13

The price may decrease further to $179 support level in which it may extend to $153 and $134 should the bears increase their pressure. In case the support level of $179 holds, buyers may start buying and expect to find resistance levels at $217, $259, and $311. 

BSV/USD Market

Key Levels:

Resistance levels: $217, $259, $311

Support levels: $179, $153, $134

BSV/USD Long-term Trend: Bearish

Bitcoin SV is bearish in the long-term outlook. The bullish momentum became weak when the price reached the resistance level at $259. There was a sharp drop in price from $259 to $217. The bears were able to break down the support level of $217 on August 11. Yesterday, the sellers again dominate the market and the price is aiming at the support level at $179. 

The lower trend line of the channel that is broken downside indicates the continuation of bearish momentum. The Relative Strength Index period 14 is found below 50 levels with the signal line bending down connotes further decrease in price. The price may decrease further to $179 support level in which it may extend to $153 and $134 should the bears increase their pressure. In case the support level of $179 holds, buyers may start buying and expect to find resistance levels at $217, $259, and $311. 

BSV/USD Medium-term Trend: Bearish

Bitcoin SV is bearish on the medium-term outlook. The coin was on the ranging mode last two days within the ascending channel. The sellers pushed down the price to break down the demand level of $217. In other words, the price has broken out of the channel. 

The price is currently trading below the 9 periods EMA and 21 periods EMA and RSI are above 25 levels and signal line point downside indicates sell signal. BSV may continue selling to $179 support level.